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DENVER-The Five Points area northeast of the CBD, long has been one of the poorest in Denver. Now, developers hope to breathe new life into the area with a mixed-use development that will cost about $12.3 million.

The Point is being developed by Minute Spot LLC in partnership with Hope Communities Inc., a nonprofit affordable-housing developer. The project calls for 35 rental units, 30 for-sale units and 16,0000 sf of commercial space. Rental units will range from market rates to as little as $345 per month, for tenants who earn 30% of the area’s median salary. It’s scheduled for completion in spring 2002.

The project at Washington and Welton streets is situated across from the Regional Transportation’s light rail station at Welton Street and East 27th Avenue. Mission to the Americas, a Chicago-based Christian ministry, is expected to buy about 10,000 sf of office space. About 6,800 sf of retail space will be available for rent at about $11 per sf.

Financing is expected to come from banks, Mercy Housing Loan Fund, tax credit equity, Colorado Department of Housing and Denver Housing and Neighborhood Developments Services. It also is expected to get assistance from the Office of Economic Development.

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